Lately, I've been nibbling on potato chips while reading project introductions on RWA on the blockchain, and the more I read, the more I feel that "liquidity" is a bit like the lighting effect: being able to buy and sell on-chain doesn't mean you can really redeem at any time. To put it simply, many pools are just lively secondary trading, but what truly determines the underlying value are the redemption terms—T+ days, who does KYC, what events trigger a pause in redemption, how is the discount calculated... if these aren't clearly written, then no matter how smooth the on-chain price looks, it's just superficial.

This is also somewhat similar to the recent back-and-forth over NFT royalties: once secondary liquidity appears, everyone talks about "market efficiency," but the rules for "profit sharing/payment" for creators/assets are vague, and in the end, it just turns into a shouting match. Anyway, when I see "high liquidity RWA" now, my first reaction isn't FOMO, but to flip through those few lines of small print. If I can't find them, I get a bit annoyed—I really don't want to be fooled again by the idea that "it looks sellable."